Petrol prices slightly drop in latest review hinh anh 1The retail prices of petrol are adjusted down from 16:30 on April 12. (Photo: VNA)

Hanoi (VNA) - The retail prices of petrol dropped from 16:30 on April 12, the ministries of industry and trade and finance announced.

Accordingly, the price of E5RON92 fell 45 VND to 17,806 VND (0.77 USD) per litre at the highest, and that of RON95-III was also 76 VND to 18,970 VND per litre.

Meanwhile, the prices of diesel 0.05S and kerosene are capped at 14,141 VND, and 12,827 VND per litre, down 102 VND and 177 VND per litre, respectively.

Mazut 180CST 3.5S is sold at no more than 13,686 VND per kilogramme, decreasing 70 VND per kilogramme.

This is the first time the petrol prices have been reduced after nine consecutive increases since Tet holiday.

The ministries review fuel prices every 15 days to adjust domestic prices in accordance with fluctuations in the global market.

Demand for petrol has been affected by the COVID-19 pandemic, settlement of Suez Cannal blockage, and bright prospects on global economic growth, among others.

In order the set these prices, the ministries have used the Price Stabilisation Fund for E5RON92 at 1,800 VND per litre, RON95-III at 950 VND per litre, diesel 0.05S at 250 VND per litre, and kerosene at 300 VND per litre.

Without using the Fund, petrol prices would increase from 123 VND to 1,755 VND per litre/kilogramme as compared to current prices./.